The defense and transportation systems contractor said sales increased 2 percent to $341 million compared with the same quarter last year.

Net income increased by 22 percent to $24.3 million, or 91 cents per share. That’s up from 75 cents a share for the same quarter last year.

Wall Street analysts on average had expected earnings of 76 cents per share on revenue of $338 million.

Total backlog of orders was $3.1 billion at quarter end, up from $2.8 billion at the end of Cubic’s fiscal year on Sept. 30. The company exited the quarter with $307 million in cash and short-term investments.

Cubic released results after markets closed. It shares ended Thursday down 5 cents at $46.05 on the New York Stock Exchange.